Muscat: Brent crude futures dropped by 84 cents, or 1.4%, to settle at $61.29 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 95 cents, or 1.6%, ending the week at $58.29 a barrel.
The weekly damage was significant—Brent crude tumbled over 8%, and WTI slid about 7.7%, driven by heightened uncertainty surrounding global oil supply and demand dynamics.
Investor caution intensified ahead of an upcoming meeting involving eight key OPEC+ member states, where decisions on next month’s output levels are expected. The group is already curbing production by over five million barrels per day, and any adjustment to this cap could send ripples through the market.
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- Oil rises on supply fears as Middle East attacks escalate
- Oman’s standard government contracts initiative aims to boost public spending efficiency
- World Bank forecasts 23% rise in global commodity prices in 2026
- Oman signs 28 investment deals worth more than RO 304 million
- Gold prices edge higher as markets await US Federal Reserve decision
Adding to the market’s watchlist is a potential thaw in U.S.-China trade tensions. Beijing revealed it is considering a U.S. proposal for fresh tariff negotiations, signaling a possible de-escalation in the prolonged dispute that has clouded global economic growth prospects.
